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LOCAL share prices closed slightly higher Friday in a technical
rebound after four straight days of decline, analysts told AFP.
The composite index added 9.86 points to
2,554.75. The all-shares index rose 8.84 points to 1,628.46.
Fifty-six issues advanced, 41 fell and 48 ended unchanged.
Turnover fell to P2.9 billion from P3.35 billion
on Thursday.
The peso also recovered, closing Friday at
44.410 to the dollar from the previous day’s 44.475.
“We have been oversold for the past four days,
so this is just a technical bounce,” said Nestor Aguila of DA
Market Securities.
A number of listed companies are now trading
below their price-earnings ratios, he added.
However, “in the big picture, we cannot say
that the market has bottomed out because of the big issues of oil
prices, interest rate and inflation.”
Among the top gainers were Petron Corp. which
added 30 centavos to P6.20 and San Miguel Corp., whose A shares rose
by a peso to P41. San Miguel B added P1.50 to P41.50.
Ayala Land Inc. rose 10 centavos to P10 while
its mother firm Ayala Corp. was unchanged at P282.50.
Philippine Long Distance Telephone Co. added P25
to P2,345.
-- AFP
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